Unilever is setting aside €1 billion (~$1.13 billion) to fight climate change using blockchain technology. The amount will be spent over the forthcoming decade to save the environment:
“To accelerate action, Unilever’s brands will collectively invest €1 billion in a new dedicated Climate & Nature Fund. This will be used over the next ten years to take meaningful and decisive action, with projects likely to include landscape restoration, reforestation, carbon sequestration, wildlife protection and water preservation.”
The company intends to attain a ‘deforestation-free supply chain’ by 2023:
“To do this, we will increase traceability and transparency by using emerging digital technologies – such as satellite monitoring, geolocation tracking and blockchain – accelerating smallholder inclusion and changing our approach to derivates sourcing.”
This is not the first-time Unilever is looking at blockchain technology for solving real world issues. Last year, the company began using the technology in advertisement reconciliation.
The company is also presently carrying out a trial of blockchain powered accounts payable processes. The company’s associate, Ben & Jerry’s has been piloting a blockchain powered platform that permits its clients to do their part in negating the carbon footprint.
Transparency and tracking ability are benefits of blockchain technology, but only time can tell whether Unilever will be able to achieve its objective.
